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The Biden administration is also backing off on drilling bans on offshore/federal lands and begun to hastily approve pipelines. They have now realised the basic

The Biden administration is also backing off on drilling bans on offshore/federal lands and begun to hastily approve pipelines. They have now realised the basic economic principle that lack of supply with increasing demand causes a price surge. All the anti-oil & gas stuff that they announced with great fanfare is being quietly reversed. It will take several months but I guess Oil prices should be sorted by 2022 elections. (Please note that the US is fully capable of being a net Oil exporter at any time - it usually takes stupid policies to cause such a situation)

sershe 5y ago
> The Biden administration is also backing off on drilling bans on offshore/federal lands and begun to hastily approve pipelines. Do you happen to have sources for this? I am asking as a supporter of these policies, but I've never heard of this happening recently. I wanna know what to follow for future reference :)
- lenkite 5y ago
  This has been in the news lately. Despite multiple attempts by various Democrats to block the Line 3 pipeline in Minnesota, the current administration is going forward with the same. Quite a different stance from when they shutdown the Keystone XL Phase-4 pipeline at the beginning of the year. Biden has also eased out on offshore drilling. (auction for 80 million acres of federal waters in the Gulf of Mexico). * https://www.reuters.com/business/energy/biden-administration-takes-steps-resume-oil-gas-drilling-auctions-2021-08-31/ https://www.reuters.com/business/energy/biden-administration... * The Line 3 pipeline will be able to carry 760,000 barrels a day of Canadian oil from North Dakota to Wisconsin
kesselvon 5y ago
Except none of that is going to affect near or medium term gas prices. The current spike is driven by high global demand and OPEC production cuts during the pandemic. That's why gas prices are rising globally.
remarkEon 5y ago
They've also approved an auction for 80 million acres to Oil & Gas companies.[1] I can't find anything about how the auction went, but this seems to be quietly buried in the news cycle. It was the largest auction of this kind in history. [1]https://www.newsweek.com/biden-admin-set-auction-off-over-80-million-acres-offshore-drilling-1649242 https://www.newsweek.com/biden-admin-set-auction-off-over-80...

sershe 5y ago

> The Biden administration is also backing off on drilling bans on offshore/federal lands and begun to hastily approve pipelines. Do you happen to have sources for this? I am asking as a supporter of these policies, but I've never heard of this happening recently. I wanna know what to follow for future reference :)

lenkite 5y ago
This has been in the news lately. Despite multiple attempts by various Democrats to block the Line 3 pipeline in Minnesota, the current administration is going forward with the same. Quite a different stance from when they shutdown the Keystone XL Phase-4 pipeline at the beginning of the year. Biden has also eased out on offshore drilling. (auction for 80 million acres of federal waters in the Gulf of Mexico). * https://www.reuters.com/business/energy/biden-administration-takes-steps-resume-oil-gas-drilling-auctions-2021-08-31/ https://www.reuters.com/business/energy/biden-administration... * The Line 3 pipeline will be able to carry 760,000 barrels a day of Canadian oil from North Dakota to Wisconsin

kesselvon 5y ago

Except none of that is going to affect near or medium term gas prices. The current spike is driven by high global demand and OPEC production cuts during the pandemic. That's why gas prices are rising globally.

remarkEon 5y ago

They've also approved an auction for 80 million acres to Oil & Gas companies.[1] I can't find anything about how the auction went, but this seems to be quietly buried in the news cycle. It was the largest auction of this kind in history. [1]https://www.newsweek.com/biden-admin-set-auction-off-over-80-million-acres-offshore-drilling-1649242 https://www.newsweek.com/biden-admin-set-auction-off-over-80...